GBP/JPY Price Might be Dropping from the Megaphone Top

2 min read
tarantula fx

tarantula fx

Head of Trading

Dear Traders,

The GBP/JPY is exactly at the POC zone which is very close to the top of the megaphone pattern.

The price could be dropping from the 139.70-80 zone straight down towards the D L3/W H4 zone. We should see a nice slide lower if the pattern is respected. 138.99 is the first target and a strong 4h or daily close below should imply a continuation towards 138.23 and 137.57. However, if the price breaks above 140.20, the pattern will become even more over-extended to the upside which is not a good sign for bears.

The analysis has been done with the CAMMACD system.
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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

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